Canon suffered a series of falls in its finances, as the OEM published its financial results for the first quarter of this financial year, ended March 31.
Net sales for the company dropped in Q1, totalling ¥864.4 billion ($7.72 billion/€6.94 billion), a 10 percent decline from the figure of ¥960.7 billion ($8.58 billion/€7.71 billion) in the same period of 2018.
Canon’s operating profit also fell, by nearly half, dropping to ¥40.4 billion ($361 million/€324.4 million), from Q1 2018’s tally of ¥77 billion ($688 million/€618.4 million), a slump of 47.6 percent.
There was a similarly-sized decline in the company’s income before income taxes, which fell 46.2 percent from ¥85.7 billion ($765.8 million/€688.3 million) to ¥46.1 billion ($411.9 million/€370.2 million).
In the OEM’s Office segment, Canon reported “strong sales” of its colour multifunctional devices (MFDs), despite a 3.3 percent fall in sales from ¥163.5 billion ($1.46 billion/€1.31 billion) in Q1 2018 to ¥158.1 billion ($1.41 billion/€1.26 billion).
However, this was enough for the company to revise its Full Year projection for MFD sales to ¥683.7 billion ($6.1 billion/€5.49 billion), a 3.3 increase on the previous projection of ¥675.2 billion ($6.03 billion/€5.42 billion).
